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Troy hits 29m mineralised drill intersection in South America

Troy Resources has reported a number of encouraging drill intersections from a program designed to extend the resource at its Karouni gold mine in Guyanya, South America.

In an update to the market on Monday, the Perth-based company said it had identified a number of favourable geological domains for gold deposits at its Goldstar, Hicks 4, and Smarts NW prospects at Karouni, some of which included impressively long mineralized drill intersections.

Much of the drilling is taking place in the under-explored immediate vicinity of the mine, which has established itself as a low-cost producer in the English speaking region of South America.

Troy said that recent drilling at the Goldstar prospect produced significant drill intersections including 6m@1.83g/t, 26m@0.46g/t, 10m@0.66g/t, and 15m@0.42g/t.

The Hicks 4 prospect threw up some very long intersections including 28m@1.64 g/t , 29m@1.65 g/t and 10m@2.53 g/t.

The Smarts NW prospect also had some success with even better grades with the best results being 6m@2.91 g/t and 6m@2.12 g/t.

Interestingly, all intersections were encountered at depths less than 100m, thereby increasing their open pit potential.

At its Mirror prospect the company said that anomalous gold had been intersected with the first drilling pass. Mirror is a 25km long magnetic anomaly less than 10kms from the Karouni plant.

Troy said the aim of the current program was to acquire baseline geology data for each target, confirm sand cover depths, enhance understanding of a number of targets and identify standout targets more quickly.

The district where Karouni is located is one of the richest sources of artisanal gold in South America, but is largely untouched by modern exploration.

Troy said late last year that recent drilling in the immediate vicinity of the mine had lifted the gold resource to more than one million ounces.

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Top 10 Shareholders

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Total Shareholder Return as at 31/10/19

1 year TSR5 year TSR
24thAlkane Resources218%26%
186thRand Mining35%51%
285thTroy Resources15%-28%
802ndBlackham Resources-70%-27%
730 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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Share Transactions

11/09/19
$43k Sold
28/06/19
$125k Sold
27/06/19
$173k Sold
Total value as at the date of the transaction
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Revenue

28th↓Tiger Resources$113.2m
29th↑Blackham Resources$111.1m
30th↑Troy Resources$104.1m
31st↓Alkane Resources$94.4m
32nd↑Rand Mining$80.3m
485 listed resources companies ranked by revenue.
Source: Morningstar

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